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Prepare adjusting entries required on december

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Reference no: EM132659139

Problem 1: Prepare Adjusting Entries required on December 31 for each item with your supporting computations after each entry.

a. On March 1, 2019, BLK Company paid P 54,000 for 2 years insurance premium on property. The bookkeeper debited Prepaid Insurance account at the time of payment.

b. On December 1, 2019, Sunnies Company received P 120,000 as advance payment for professional services to be rendered starting 15 quarter of 2020. Unearned revenue account was credited at the time of deposit.

C. Miscellaneous office supplies were purchased in the last quarter of 2019 amounting to P 6,500. On December 31, inventories showed that 3,200 were on hand. The purchase was debited to Office supplies account.

d. The company's office equipment costing P 100,000 is expected to have 10 years economic life with no salvage value. This was purchased by the company on Aug. 1, 2019.

e. Vice Company owes a bank a 10%, 90-day note for P 150,000 dated Nov.1, 2019.

Reference no: EM132659139

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